Ethereum price bounced back on Tuesday, Aug. 6 after forming a big hammer candlestick pattern and as some investors, including ‘7 Siblings,’ bought the dip.
EtherETHThe price of ) rose by more than 15% from the lowest point in this week. The price movement was in line with Bitcoin’s (BTC), Cardano (ADABittensor is a TAO.
Ethereum Whales Are Buying
Some big investors have bought dips on the stock market. Black Monday If you are hoping for a token to rebound, then this is the place. One of the buyers was an entity known as ‘7 Siblings,’ which has over $1.57 billion in assets. 7 Siblings acquired 56,093 ETH coins worth $129,000,000.
Investors in Exchange Traded Funds also seem to have bought dips. According to BloombergThese investors purchased assets valued at $49,000,000, indicating a rise in investor confidence.
Still, some of the biggest holders are selling their tokens. Jump Trading is a major player in the crypto industry. has sold In the last few weeks, ether tokens have been worth more than $609 million. Longling Capital, another large holder is also worth mentioning. moved 20,000 coins After being dormant almost two years.
Ethereum’s growth is also subject to additional risk. One analyst does not believe that the Federal Reserve will cut rates this September. Komal Sri-Kumar of Sri Kumar Global Strategies said in a CNBC Interview that the Fed would wait until inflation fell before reducing interest rates.
Yet, it seems that he is in the majority as CME Fedwatch tool There is a 75.5% chance of another 50bps cut in rate in November or December.
Ethereum has also seen its staking rate increase by 6.3% over the past day to 9.46%. This recovery happened at the same time as the Staking market cap dropped By 26% to 81,95 Billion Dollars
Ethereum Price has Some Technical Risks
Ether’s other risk is technical. The coin displayed a pattern of a three-top neckline at $2.810. This coin is now below that neckline. It means the bears won.
Ether also is about to form another death cross, as both the 50-day Simple Moving Average and 200-day Simple Moving Average will soon make a negative crossover. Also, was previously noted about BitcoinAny bounce after a drop could turn out to be dead cat bounce.
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Source: crypto.news